Many financial planners recommend that seniors develop a retirement plan that allows them to live off of 80 percent of their annual income. In addition to basic living expenses, retirees may want to consider allocating a portion of their life savings to caregiving services to ensure that their health and safety are accounted for, as they grow older.
Although retirement allows you to relax and dedicate more time to the things you love, the absence of consistent income increases the importance of managing a planned budget that’s built to protect you from unexpected costs. Creating a plan that allows you to be frugal without downgrading your lifestyle is possible and can easily happen when prioritizing your expenses. Consider the following tips that can help you save money in retirement without forcing you to compromise on the things you’ve always wanted to do.